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What happens next? Well, the Treasury either tries to 'spend' them -- proffer them in the markets to pay our bills -- or tries to borrow against them -- use them for collateral.

Either way the markets will likely say no, or say yes only under the most onerous terms.

And if either works, you are increasing the money supply by a substantial amount. I think there's a term for what happens when the money supply increases relative to the goods and services available. Hmmm, what's that word again?

Create a $1T Krugman if you want. Government can do it. It just isn't wise.